An emerging market asset manager with approx. $20bn AUM wanted to move from performing certain middle and back-office processes to having these functions provided by a third party as a service. Reconciliation was a key component and after determining that legacy outsource providers could not provide the service levels required Watson Wheatley were selected to provide Reconciliation as a Service (RaaS) by leveraging the award-winning iRecs software.
The client required reconciliation of daily cash, balances, dividends, positions and NAV between the internal portfolio accounting system and the external data provided by custodians. A service was required that allowed the client to switch to process oversight and targeted remedial action rather than actually ‘working the reconciliation’. A key objective of the project was to remove the need to host and maintain a software solution in house and instead rely on scheduled reports and information at both summary and detailed levels for both internal management and external auditors.